A bid by former families and Old Lawrentians to raise enough cash through the sale of shares to buy the St Lawrence College site has ended after only raising one percent of the minimum £10 million needed.
The plan, through the Save St Lawrence College committee, was to secure St Lawrence College’s existing land, property and assets through the sale of shares in a St Lawrence College Asset Fund.
Some 50,000,000 shares at £1 each were offered with a minimum investment of £1000.
The hope was to raise between £10m-£25m but the campaign resulted in £100,000 prompting the committee to announce its decision to end the appeal and disband.
A spokesperson for the Committee said: “From the very beginning, our motivation was simple: the children and the future of St Lawrence College.
“We were inspired by the school’s remarkable near 150-year history, its traditions, and the profound impact it has had on generations of pupils, families, staff, and alumni.
“While we are naturally disappointed that sufficient funds could not be secured to achieve our objectives, we remain incredibly proud of what was attempted and deeply grateful to everyone who supported the campaign in any way.
“This effort was never about buildings or finances alone. It was about preserving a community and a legacy that has touched so many lives. Although the Committee’s work now comes to an end, we hope that the spirit of St Lawrence College and the connections it has fostered over almost a century and a half will continue through future alumni-led initiatives and friendships that endure for many years to come.”
The Committee thanked parents, alumni, former staff, friends of the College, and volunteers who dedicated their time, energy, expertise, and resources to the campaign.
An independent alumni association is being formed and the intention is to transfer the balance of the campaign funding to the new alumni association once formally established.
Path to closure
St Lawrence College went into administration with notice filed with the courts on April 8.
The college shut with immediate effect apart from for students in Years 11 and 13 who will stay until exams are completed. The college has some 500 students.
Sadly 166 employees were made redundant, with 44 kept on to support exam-year students.
School governors said the college had faced “sustained and significant financial pressure over a number of years. Declining pupil numbers, the introduction of VAT on school fees, rising operating costs and broader economic uncertainty.”
The administration came on the heels of a tumultuous few weeks for staff, students and their families.
In February it emerged that St Lawrence College planned to shut its Ramsgate site in July and move to Dover College from September as part of a merger under the umbrella of the Repton Family of Schools.
The news provoked a huge backlash with protests from students, families and community groups that use the college facilities. A fight fund to pay for a legal challenge and a petition were also raised.
In March Governors of the college announced a halt to merger plans with a view to reconsidering options for the independent school.
A letter to parents said the college was “actively pursuing” a way forward with meetings taking place to secure “a long-term” future for the college.
A further letter that month said St Lawrence College had signed a formal agreement for a new partnership, adding: “While further legal work is still required before a final agreement is completed, this step represents a clear and positive commitment to working together to safeguard the future and longevity of St Lawrence College.”
Just three weeks later the St Lawrence governors announced that the college had gone into administration.
In May, the freehold for St Lawrence College was listed for sale with price on application.
Very disappointing news – but all credit to the stalwarts who did their best to save SLC from such an ignominious end. That said, attempting to raise such a huge sum was, in my view, wildly over-optimistic. All that is left now is to examine why a school with a fine reputation spanning nearly 150 years was allowed to perish with the unforgiveable loss of 200 jobs, heartbreak for its students and understandable fears for the future of the campus. If blame is to be apportioned we trust it will result in full accountability.
You can read their accounts online,and see exactly why.
The loss of a fantastic school with wonderful facilities and excellent staff however the financial management appears to be totally incompetent and needs to be fully investigated and those responsible held to account.
How?